Hudson Blue goes to lender at auction

TRD New York /
Aug.August 05, 2010 10:00 AM

Hudson Blue

Hudson Blue, the tony 10-story West Village condominium with Hudson River views that once caught the eye of Leonardo DiCaprio, fell into the hands of its lender at a foreclosure auction yesterday when no other bidders emerged. CapitalSource Bank, which filed to foreclose on the property more than two years ago, told the Wall Street Journal that it still plans to find a buyer to take the troubled development at 423 West Street off its hands. Sales at Hudson Blue originally launched in 2005, offering full-floor, one-bedroom apartments for between $1.9 million and $2.5 million. DiCaprio was reportedly a taker at one point for two such units, but he never closed on the deal: developer Horizen Global never sold enough units for the building’s offering plan to be declared effective by the New York attorney general’s office. Brokers said the units were difficult to move because of low ceilings and few exposures coupled with high prices. In March 2008, Sotheby’s International Realty put the entire building on the market for $25 million, later slashing the price for $21 million before CapitalSource moved to foreclose. In the auction, the bank, which has a $18.9 million lien on the property, bid $6.8 million. [WSJ]

 

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